- A THORSwap developer emphasized the team’s strong stance against any criminal actions.
- Recently, an unknown hacker orchestrated the movement of over 15,000 Ether across various platforms.
In response to a series of suspicious transactions, THORSwap exchange announced it would go into “maintenance mode.” As a result, trading activities were temporarily halted.
The suspicious transactions included funds taken from the infamous “FTX Exploiter” wallet, which had withdrawn significant amounts of money from Sam Bankman-Fried’s FTX. [FTT] after the bankruptcy last year.
As an added bonus, blockchain sleuth Lookonchain reported that the operator has started converting Ether [ETH] in Threshold Network’s tBTC tokens, a bridged version of Bitcoin [BTC].
THORSwap is currently undergoing maintenance. Changes are interrupted.
LP promotions, Earn (savers), Borrow (lending) and Staking promotions are all fully operational. Thank you for your patience and understanding. https://t.co/yoPlnE1AAu
— THORSwap
#BetterThanCEX (@THORSwap) October 6, 2023
A THORSwap developer emphasized the team’s strong stance against any criminal actions.
After a thorough evaluation of the situation and consultation with advisors, legal experts and law enforcement officials, THORSwap developers have made the decision to transition the platform to maintenance mode. This move was intended to quickly curb any further potentially illegal activities.
THORSwap decided to keep this mode until they could implement a more permanent and robust solution. They intend to ensure the continued security and integrity of the platform.
While trading activities were paused, other services such as borrowing, borrowing and staking continued to function without interruption.
The details
THORSwap runs on THORChain, a network that allows users to freely trade tokens across various blockchains. The incident that led to this decision originated in November 2022.
Shortly after FTX and its affiliated entities filed for bankruptcy, an unknown entity managed to extract as much as $600 million from various wallets.
Recently, this unknown hacker orchestrated the movement of over 15,000 Ether across various platforms, including THORSwap. The sudden activity of the funds coincided with the upcoming criminal trial of Sam Bankman-Fried in a federal court in New York.
This has added a new layer of intrigue to the ongoing mystery surrounding the collapse of the FTX stock market last year.
The pause in trading activities serves as a necessary step to address security concerns arising from these suspicious transactions. Users of THORSwap can rest assured that the platform’s borrowing, borrowing and staking services will continue to function as usual.
THORSwap’s decision to consult legal experts and law enforcement authorities underlines its commitment to addressing the situation comprehensively.
The move to maintenance mode is expected to be temporary, with the exchange actively working on a more permanent and robust solution.